Meritor Acquisition and 2022 Financial Results
Table of Contents
Following is a summary of the future minimum lease payments due to finance and operating leases with terms of more than one year at December 31, 2022, together with the
net present value of the minimum payments:
In millions
2023
2024
2025
2026
2027
After 2027
Total minimum lease payments
Interest
Present value of net minimum lease payments
Finance Leases
Operating Leases
$
37
$
145
16
118
13
93
10
62
9
45
53
94
138
557
(25)
(57)
$
113 $
500
NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021:
In millions
Components
New Power
Distribution
Power Systems
Engine
Total
Balance at December 31, 2020
$
941
$
257 $
Acquisitions
Foreign currency translation and other
Balance at December 31, 2021
Acquisitions
Foreign currency translation and other
Balance at December 31, 2022
(7)
934
257
835
237
(17)
1
S
1,752
$
495 $
.F||༄||p
$
10
$
6
1,293
2
2
(1)
(8)
11
6
1,287
1,072
(16)
$
11
$
6
$
2,343
Intangible assets that have finite useful lives are amortized over their estimated useful lives. The following table summarizes our other intangible assets with finite useful lives
that are subject to amortization:
In millions
Software
Less: Accumulated amortization
Software, net
Trademarks, patents, customer relationships and other
Less: Accumulated amortization
Trademarks, patents, customer relationships and other, net
Other intangible assets, net
December 31,
2022
2021
$
679 $
(410)
269
586
(314)
272
2,858
957
(440)
(329)
2,418
628
$
2,687 $
900
Amortization expense for software and other intangibles totaled $223 million, $144 million and $165 million for the years ended December 31, 2022, 2021 and 2020,
respectively. The projected amortization expense of our intangible assets, assuming no further acquisitions or dispositions, is as follows:
In millions
Projected amortization expense
94
2023
2024
2025
$
315 $
304
$
2026
274 $ 252
2027
$
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